Mobile money stands strong in Africa 

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Mobile money is growing fast in East Africa Despite of the pandemic, still mobile money regulators enabled its performance Financial technologies are changing the way unbanked populations access finance services  Mobile money is still king in Africa and will be so for long. With more than 548 million (up 12 per cent) registered accounts attached to a 27.4 billion transaction volume worth $490 billion, Africa stands to draw billions from mobile money and transform its economies significantly (GSMA 2021).  Thanks to financial technology (fintech) which has accelerated financial inclusion in sub-Saharan Africa, now more than ever, the unbanked population in rural areas of Africa can access financial services seamlessly, even during the coronavirus pandemic’s harsh times.  Today fintech technologies are challenging traditional financial services, particularly banks in Africa. This has forced banks to adapt to the new game brought by fintech aggregators, including fusing their services to mobile services and banking agents.    Taking exhibit A, Tanzania—one of the fastest economies in Africa and one of the world’s largest in mobile money transactions (more than 256 million transactions in 2020), mobile money services are now integrated into the normal socio-economic parameters of day-to-day life.  In East Africa at large, mobile money

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Padili Mikomangwa is an environmentalist based in Tanzania. . He is passionate about helping communities be aware of critical issues cutting across, environmental economics and natural resources management. He holds a bachelors degree in Geography and Environmental Studies from University of Dar es Salaam, Tanzania.

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